i am on a IVA and i am in a position to pay off my debts, i want to contact my creditors myself but i have been told that i am not alowd to do this and this is in breach of my agreement and could put me bancrupt am i allowed to contact all my creditors and see if i can pay off cheaper
Can you not just ask your IP to put forward a F&F offer to your creditors? Where has the money come from for you to be able to do this? They will want to know aswell.
If you can pay all the debts off though, the creditors will expect you to do that, plus charges to date
It will have to be via your IP though.
The creditors will want to know where the money has come from as Notsowiseone says.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The only way to pay off your IVA is via a F&F or when you have paid 100% of what was owed, plus statutory interest (8%) and Ip Fees - you cannot approach your creditors direct until your iVA has been failed....which is normaly when 3 mths payments have been missed.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Hi
If you have received an inheritence you are duty bound to inform your IP.
You can just stop paying into your IVA and allow it to fail, you could then settle with each of your creditors
Regards
The best advice is to allow your IP to sort this out for you. Why do you want to do it yourself?
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I believe he wants to see if he can negotiate cheaper final figures David.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
My belief is that an IP is far more experienced in negotiations with creditors than the debtor himself.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
